Bond yields edged higher on Wednesday, tracking overnight gains in U.S. Treasury yields and crude oil prices.
In the global market, Yields on the 10-year U.S. Treasury note reached a 10-month high on Tuesday, after the Bank of Japan said it will trim its purchases of Japanese government bonds and U.S. corporate debt hit the market. Furthermore, oil prices hit their highest levels since 2014 due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.
Back home, the yields on new 10 year Government Stock were trading 5 basis points higher at 7.42% from its previous close of 7.37% on Tuesday.
The benchmark five-year interest rates were trading 4 basis points higher at 7.24% from its previous close of 7.20% on Tuesday.